FBM KLCI hits new high, set to cross 1,600

Kuala Lumpur: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) closed at a record high yesterday, with analysts saying that the index is poised to breach the 1,600-point level for the first time in its history next week.

The index closed 4.5 points higher to 1,594.74 points as investors bet that the government's Economic Transformation Programme and plans to loosen its shareholding in government-linked companies had been well taken by the market place.

The FBM KLCI had even broken new records on a daily basis since last week, with analysts expecting a strong retail play next week.

Thus far, the major movers were index-linked stocks, with low-liner stocks trading sideways.